. Gold Slumped today by 27 points, as Dollar Soften with Market Focus on Fed Decision

Gold Slumped today by 27 points, as Dollar Soften with Market Focus on Fed Decision

Gold Slumped today by 27 points, as Dollar Soften with Market Focus on Fed Decision

market outlook of gold

U.S gold futures price slumped 1.60% to $1623.10; after hitting its lowest level on November 3.

Gold prices rose after decreasing more than 1% in the previous trading session, as a pause in the dollar rally pauses some pressure from the greenback price

Gold’s future tumbled to a 2-1/2 year low on Monday 17 October, weighed down by a sturdy dollar and a brochure of a further interest rate hike by the Federal to bring down Inflation

Silver Spot Price tumbled 0.8% to $18.68 per ounce, platinum rose 0.7% to $860.13, and palladium rose 0.4% to $2,076.10

According to a survey, A downturn in business activity across the eurozone in September showed the economy was going into a recession as consumers harnessed spending amid a cost-of-living crisis. But markets expect the Fed to keep raising interest rates at a high, given that inflation remains above the central bank’s annual rate of 2%.

On Monday London traded copper futures jumped 1.9%, and rose 0.2% at $3.6242 a pound. China is the largest importer of red metal but copper must contend with slow demand in China.

On technical fronts, Gold Futures: RSI stood at 37.360, and currently, it is trading below all SMA, so a sell position can be taken with the following target and stop-loss

Trade signal: SELL AT 1623.10, TAKE PROFIT AT 1590.00, and STOPLOSS AT 1665.00

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